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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Income tax expense in the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011, consists of the following:

		2013			2012			2011
Current tax expense		$	937,460		$	960,750		$	77,279
Deferred tax expense (benefit) related to:
Allowance for loan losses			244,565			(255,287)			509,358
Other			(139,225)			(127,863)			(398,437)
Income tax expense		$	1,042,800		$	577,600		$	188,200

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The income tax expense is different from the expected tax expense computed by multiplying income before income tax expense by the statutory federal income tax rates. These differences are reconciled as follows:

		2013			2012			2011
Expected tax at statutory rates		$	926,027		$	673,085		$	414,206
Increase (decrease) resulting from tax effect of:
State income taxes, net of federal tax benefit			116,843			84,928			52,263
New market tax credits			-			(180,000)			(277,500)
Other			(70)			(413)			(769)
Income tax expense		$	1,042,800		$	577,600		$	188,200

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The components of the net deferred tax asset, included in other assets, are as follows:

		2013			2012
Deferred tax assets:
Deferred compensation		$	87,383		$	104,709
Deferred loan fees			43,838			107,143
Allowance for loan losses			1,226,489			1,471,054
Foreclosed assets			1,445,972			1,226,489
			2,803,682			2,909,395
Deferred tax liabilities:
Depreciation			76,884			83,150
Life insurance			205,443			204,386
Net unrealized gain on securities available for sale			167,349			907,797
Other			11,826			6,990
			461,502			1,202,323
Net deferred tax asset		$	2,342,180		$	1,707,072

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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